Hundreds of companies left, but cigarette maker Marlboro remains active in Russia | outside

Last March, Philip Morris said it wanted to leave the Russian market because of the war in Ukraine. The manufacturer has tried to sell its activities in the country, but now the chief executive tells the Financial Times to do so only if the financial loss is minimal. A suitable buyer could not be found which is why Philip Morris prefers to keep the activities to himself, according to the CEO.

Before the war, the company made about 6 percent of its annual sales in Russia. The country is the world’s fourth largest tobacco market by volume, estimated to be worth more than €16 billion annually. Earlier, the British tobacco producer Imperial Brands, which owns such cigarette brands as Gauloises, West and Davidoff, stopped its activities in Russia.

Olczak also said that if he can find a buyer, he will “probably” want to include a buy-back clause in the contract. This means that Philip Morris can buy back its Russian activities once relations between Russia and the West are restored. This month, the Danish brewery Carlsberg also announced that it wanted such a clause when selling its activities.

According to Yale University, more than 1,000 companies, such as H&M and McDonald’s, have publicly announced that they are voluntarily curtailing their activities in Russia. They do so in addition to the restrictions imposed by international sanctions.